Sunday, September 15, 2013

21-Story Apartment Tower Breaks Ground In Long Island City

World-Wide Group has broken ground on a $157 million luxury rental development at 24th Street and Queens Plaza North in Long Island City. The building will rise 21 stories and contain 421 rental units. The development will feature 25,000 square feet of amenities, including an outdoor pool with a landscaped roof deck, a fitness center, private gardens, indoor parking and a bike room. The ground breaking comes a year and a half after the developers purchased the 40,000-square-foot lot at 41-50 24th Street for $28.9 million. The developer expects construction to last about 18 months.

The World-Wide Group has started construction on its first residential project outside of Manhattan in 10 years. The developer is pouring $157 million into a 421-unit luxury rental project in the Queens Plaza North section of Long Island City, Queens.

Apartments in the 21-story building at 41-50 24th St., between 41st Avenue and 42nd Road, will range from studios to three bedrooms. World-Wide is one of several rental developments rising in the neighborhood, just north of the Queensboro Bridge.

Among others, Property Markets Group announced plans for a 410-unit rental building on 42nd Road, and Meadow Partners said it will convert a commercial building on Crescent Street into a new residential and retail project.

The developer bought the 24th Street site last year for $28,850,000 according to city records. The new property is expected to be completed in 18 months. Rents have yet to be set. Current average rent for a studio in the Queens Plaza area is $1,990 a month, $2,750 for one-bedroom, and $3,750 for two-bedrooms.

Despite all the new projects coming onto the market, apartments will be absorbed due to high demand and the area's accessibility to Manhattan. Eight subway lines are within a five-block radius from World-Wide's new development, which will boast more than 25,000 square feet of amenities, including a landscaped roof deck with an outdoor pool. The building will also have 8,400 square feet of ground-floor retail space.

Rabina Properties and Cammeby International Group are partners in the project with World-Wide, which has developed more than $3 billion worth of luxury residential properties in Manhattan. Most recently, it completed condo projects Casa 74 at 255 East 74th Street and the Milan Condominium at 300 East 55th Street, both in Manhattan.
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